Forum Post: * Fed Loans Gave Banks * $13 Billion Profit(!) * Undisclosed to Congress and Public *
Posted 12 years ago on Nov. 30, 2011, 9:09 a.m. EST by mha
(142)
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"The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
The size of the bailout came to light after Bloomberg LP, the parent of Bloomberg News, won a court case against the Fed and a group of the biggest U.S. banks called Clearing House Association LLC to force lending details into the open. The Fed, headed by Chairman Ben S. Bernanke, argued that revealing borrower details would create a stigma.
Until now no one calculated that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue."
Just imagine what $13 Billion could do for the public. Instead: more profits for the shareholders and the CEO's. It makes me sick.
Of the 1%, by the 1%, for the 1%! that's what our democracy is.
:::::Jamie Dimon Loves Bernanke's Stealth Bailout Sugar:::::
(((Video))) http://dailybail.com/home/jamie-dimon-loves-bernankes-stealth-bailout-sugar.html
(Runs approximately 50 seconds.)
Mark Pittman's legacy lives on: http://dailybail.com/display/Search?moduleId=4521698&searchQuery=mark+pittman ...Fight the banks and their stealth honey pots... http://dailybail.com/home/secret-fed-loans-helped-banks-net-13-billion.html ...managed dutifully by keepers Geithner and Bernanke.
Mark Pittman Remembered: The Man Who Fought The Fed:
http://dailybail.com/home/mark-pittman-remembered-the-man-who-fought-the-fed.html
Dylan Ratigan On The Legacy Of Bloomberg Reporter Mark Pittman
http://dailybail.com/home/dylan-ratigan-on-the-legacy-of-bloomberg-reporter-mark-pittm.html
"Who Sues the Fed And Wins? One Reporter On The Planet," Bloomberg's Mark Pittman Dies At 52
http://dailybail.com/home/who-sues-the-fed-and-wins-one-reporter-on-the-planet-bloombe.html
http://www.youtube.com/watch?v=9NFX5NgVgdY
No one should've been given that money in the first place and the Federal Reserve needs to go. Shut it down.
The fed works as long as we have Glass/Steagall in place. the fed was created in 1913 the exact same thing -------over leveraged loans for speculation happened and crashed the market 16 years later now 8 years after the repeal of Glass/Steagall in 1999 we are funding a massive wall street gambling bailout.
another unbelievable fact: http://www.youtube.com/TheYoungTurks#p/u/13/HcwdQ-3_ueA
the young turks are really a great source for news.
They are an interesting source of opinion, but Cenk is sometimes just a loudmouth who gets it all wrong.
It's not actually $13 billion. That is reportedly the profit banks made on all the money given to them by the Federal Reserve. All in all, the Fed gave the banks $7.7 trillion in combined funding through various mechanisms. The $13 billion is just profit.
yeah, i just pointed that fact out in the headline.
I hate to say this, but it smells a whole lot like "limited hangout".
Give the money to the people, all this bailout money could stimulate the world economy,instead a very small few, greedy,selfish,deviants,get to play like they are Kings of the World..
Of the 1%, by the 1%, for the 1%
http://www.vanityfair.com/society/features/2011/05/top-one-percent-201105.print
http://www.youtube.com/watch?v=4Z9WVZddH9w